H4 q2a

9/21/23, 4:47 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 1/3 Score: 109/110 Points 99.09 %

9/21/23, 4:47 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/3 2. Award: 10 out of 10.00 points The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Debits Credits Sales revenue $ 2,450,000 Interest revenue 82,000 Loss on sale of investments $ 23,500 Cost of goods sold 1,210,000 Loss on inventory write-down (obsolescence) 220,000 Selling expense 320,000 General and administrative expense 160,000 Interest expense 81,000 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024.  Required 1 Required 2  Complete this question by entering your answers in the tabs below. Prepare a single-step income statement for 2024. Required 1 Required 2 GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue  $ 2,450,000  Interest revenue  82,000  Total revenues and gains 2,532,000 Expenses and losses: Cost of goods sold  $ 1,210,000  Selling expense  320,000  General and administrative expense  160,000  Loss on sale of investments  23,500  Interest expense  81,000  Loss on inventory write-down  220,000  Total expenses and losses 2,014,500 Income before income taxes 517,500 Income tax expense  129,375  Net income $ 388,125  References